Enforcement

The Hearing Panel dismissed the Complaint following remand. The Department of Enforcement failed to prove by a preponderance of the evidence that Respondent churned a customer's account, in violation of Section 10(b) of the Securities Exchange Act of 1934, Exchange Act Rule 10b-5, and NASD Conduct Rules 2120 and 2110, or recommended and effected excessive trading activity, in violation of NASD Conduct Rules 2310 and 2110 and IM-2310-2.